Exclusive: Ex-CSRC Chief Yi Huiman Faces Corruption Probe Likely Linked to ICBC

Yi Huiman, who until early 2023 served as chairman of China’s top securities regulator, is under investigation for suspected corruption, according to the Central Commission for Discipline Inspection, China’s premier anti-graft agency. The probe comes less than two years after Yi stepped down as head of the China Securities Regulatory Commission (CSRC) and follows widespread rumors regarding his status within the financial sector[para. 1][para. 3].

Sources familiar with the matter suggest that the investigation may be connected to Yi’s longstanding career at Industrial and Commercial Bank of China Ltd. (ICBC), coinciding with a broad anti-corruption campaign targeting China’s financial industry. Before leading the CSRC, Yi was a prominent financial industry insider. He began his professional journey at the People’s Bank of China in 1984, then moved to ICBC in 1985. Over the next three decades, he worked his way up to chairman of ICBC in 2016, overseeing the world’s largest commercial bank by assets. He took up the leadership role at the CSRC in 2019[para. 3][para. 4].

The scrutiny on Yi is believed to stem from his lengthy tenure at ICBC. Several of his former colleagues, including Gu Jiangang, one of his close subordinates, have been investigated for corruption. Gu, who headed ICBC’s asset management division, was prosecuted in 2023 for embezzlement and bribery. Under Gu’s management and during Yi’s chairmanship, ICBC created the CICC Qirong investment fund in 2017 alongside CICC Capital. ICBC invested 30 billion yuan ($4.5 billion) into the fund by March 2018, but the money was not immediately deployed, damaging the bank’s returns. The fund’s approval process was reportedly expedited without the involvement of outside law or accounting firms, despite internal objections[para. 5][para. 6][para. 7].

Complicating matters, the deal involving the CICC Qirong fund was reportedly introduced to ICBC by Yi’s son, who worked at CICC’s Hong Kong operations at the time. After the transaction, Gu’s son subsequently joined CICC. In recent months, former CICC Capital Chairman Ding Wei and executive An Yuan have also been detained by authorities, with sources indicating their cases are likely related to the operations of CICC Qirong and alleged benefit transfers[para. 8][para. 9].

Yi’s abrupt resignation from the CSRC in February 2024 without immediate reassignment heightened speculation about his future. He was later appointed as deputy director of the economic committee of the Chinese People’s Political Consultative Conference (CPPCC) in June 2024[para. 10].

Separately, the investigation into Yi aligns with an anti-corruption drive sweeping Zhejiang, his home province, where he spent 15 years with ICBC’s provincial branches. Since April, four former presidents of Zhejiang branches of major state-owned banks have also been placed under investigation. Yi’s older brother, a previous ICBC Zhejiang branch employee, was recently detained, and financial insiders believe he may be implicated in Yi’s case. Unconfirmed claims indicate that Yi’s family may have improperly benefitted from his position, particularly given the high number of companies from Zhejiang and Jiangsu—regions where Yi spent significant parts of his career—listed on the domestic market during his time as CSRC chairman. However, these allegations remain unverified[para. 13][para. 14][para. 15][para. 16][para. 17].

This probe is part of China’s ongoing efforts to address corruption in its financial sector, underscoring the expansive reach and complexity of the campaign[para. 18].